Govt received info about Rs 400 cr black money: Pranab

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New Delhi, Oct 20: Union Finance Minister Pranab Mukherjee said that the government had obtained information from France about Rs 400 crore unaccounted money from 69 overseas accounts of Indians and had already recovered Rs 30 crore in tax from those accounts.

Speaking to the economic editors, the FM said that with the cooperation with Double Taxation Avoidance Agreement (DTAA) with France, India was able to obtain some information about the Indians having bank accounts overseas.

He further said that the government's initiative to curb black money were showing results. So far, specific requests in 333 cases were registered by authorities to obtain information from foreign jurisdictions. Both the Income Tax Department and Financial Intelligence Unit are examining these cases.

"Over 9,900 pieces of information regarding suspicious transactions by Indian citizens from several countries have been obtained which are now under different stages of processing and investigation," he added. Moreover, more than 30,700 suspicious domestic transactions are under investigation by different agencies to act against black money.

Meanwhile, the Income Tax Department has traced mispricing of Rs 34,000 crore in last two years, which stopped the outflow of this huge amount to foreign jurisdiction. Mukherjee also said India was involved with Mauritious to update existing Double Taxation Avoidance Convention (DTAC) in line with international practices that would help in curbing treaty shopping.

The government's recent efforts with Switzerland to receive information on tax evaders is expected to improve the inflow of banking information substantially, he added.

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